At the time of writing, Livepeer (LPT) Price was up 70% in the last 24 hours to trade at $63.22 after hitting a new all-time high of $64.85 earlier today.
Livepeer unleashed a monster bull run on 6th this month, which it has maintained for three days to date.
What is Livepeer?
Livepeer is a decentralized live streaming network that allows users to transcode video using their GPUs in exchange for ETH and LPT rewards.
Livepeer network was launched in 2017 with proof- of -StakeERC20 token governing this network.
According to Livepeer whitepaper:
“Users who would like to transcode video can submit a job to the network at a price they determine to be acceptable, be assigned a transcoder, have the video transcoding performed with economically secured guarantees of accuracy.”
There were 12M LPT tokens staked with over $233K in fees paid out at the time of writing. Moreover, one can also stake LTP tokens to receive rewards with GPU mining.
Livepeer streaming platform is the best since anyone can start live streaming in minutes via streamlabs OBS with no issues.
When you go live , there is no directory or chat like in YouTube and Twitch, however, the streaming options are more useful to broadcasters concerned about the cost of transcoding their video.
Livepeer through blockchain technology is able cut down the cost for transcoding live streams which is a huge saving to broadcasters.
Why is Livepeer (LPT) on the rise?
Last month, Livepeer made MistServer their first company acquisition.
MistServer is a full-featured and the next-generation streaming media package for internet streaming.
The acquisition allows MistServer users to take advantage of Livepeer’s platform for video transcoding. It is also a clear indication that Livepeer’s product and ecosystem is maturing.
LPT’s previous bearish market began reversing a few days after the announcement, and the bullish momentum is now gaining momentum by the day.
Livepeer announced on twitter earlier today that they will be attending ETHGlobal’s Web3 Jam this Friday.
Join us for the Web3 Jam! Starting this Friday. https://t.co/YMABR9t65j
— Livepeer (@LivepeerOrg) November 8, 2021
In the past, multiple cryptocurrencies have shown considerable price gains due to similar announcements of attending upcoming events and LPT is also expected to also rise.
Chia Networking gained over 35% and Rarible’s price increased 18% when their teams announced their Financial Innovation summit attendance and NFT.LDN respectively.
Investors’ confidence levels rise significantly as they are able to see and interact with the project’s team in person even if there is no similarity between the conference attendance and price fluctuations.
It’s clear that Livepeer’s tech objective is to hamper Web 2.0 live streaming economies and reinstate them with more transparent, censorship-resistant and most importantly user owned platforms without direct mention of LPT.